Gold and Silver End Nicely Higher
Source: GoldSeek, Chris Mullen (4/13/09)
" . .with overt strength in platinum and copper prices it is possible that even the industrial metals provided some spillover buying into the gold market."
Euro gold rose to about €669, platinum gained $54.50 to $1241, and copper gained over 5 cents more to about $2.13.
Gold and silver equities rose over 3% by late morning before they fell back off a bit in afternoon trade, but they still ended with about 2% gains.
Commentary from The Hightower Report
"June Gold closed up 12.5 at 895.8. This was 8.6 up from the low and 5.4 off the high.
May Silver finished up 0.438 at 12.768, 0.102 off the high and 0.278 up from the low.
The gold market started out slightly higher and then managed to add to the initial strength later in the trading session. With the Dollar weak and many traders anxious about the upcoming U.S. financial sector earnings reports it is possible that some buyers of gold were anticipating some increased financial market anxiety in the coming 24 hours of trade. However, with overt strength in platinum and copper prices it is possible that even the industrial metals provided some spillover buying into the gold market. It also goes without saying that increased talk of a structured GM bankruptcy might have inspired some gold buying interest during the trade Monday. With a temporary pulse above the even $900 level, the June gold contract might also have attracted some technically based buying interest.
The silver market saw a range up extension and at times the market was able to test the 200 day moving average. With both gold and the quasi industrial metals markets strong on Monday it appeared as if the silver market was seeing support from a number of different market angles. Clearly the weakness in the Dollar and a measure of ongoing financial sector anxiety was fueling buying interest but it is also possible that the GM situation was providing silver with an additional lift."